LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034 B.A. DEGREE EXAMINATION – ENGLISH LITERATURE
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THIRD SEMESTER – NOV 2006
EC 3203 – PRINCIPLES OF ECONOMICS
Date & Time : 31-10-2006/9.00-12.00 Dept. No. Max. : 100 Marks
Part – A (5 x 4 = 20 marks)
Answer any FIVE questions in about 75 words each.
- State the law of diminishing marginal utility.
- What is mean by elasticity of demand?
- Write a short note on opportunity cost.
- Distinguish between microeconomics and macroeconomics.
- What is Gross Domestic Product?
- What do you understand by a production function?
- Define Tax.
Part – B (4 x 10 = 40 marks)
Answer any FOUR questions in about 300 words each.
- Define labour and explain the characteristics of labour.
- Explain the various types of inflation.
- Analyze effective demand and underemployment equilibrium.
- How does a producer maximize his output for a given outlay? – Explain with isoquants.
- Explain the U-shaped long run average cost curve.
- What are the classifications of money? Explain in detail.
- Explain the various sources of revenue for the government.
Part – C (2 x 20 = 40 marks)
Answer any TWO questions in about 900 words each.
- State and explain the law of demand. Why does the demand curve slope downwards?
- What are the methods of measuring national income? Explain the difficulties in measuring national income.
- What is meant by consumption function? Explain the various factors affecting consumption function.
- Briefly explain various methods of controlling credit.
